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Equities – Your destination to connect with the growth investment community.

Indian ETFs Fall on Widespread Corporate Reform; Plunging Rupee

  +Follow August 16, 2013 4:13PM
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Investors in the emerging market of India were rocked Friday, as the country plans to concomitantly rework their outdated 57-year-old corporate legislative laws and address a rapidly devaluing currency. 

India has long been plagued by corruption. Kickbacks, gift and outright fraud are commonplace, as unscrupulous players take advantage of a financial system that has failed to keep pace with an increasingly complex global economy.

In 2009, the country was rocked by a massive fraud case involving the company Satyram Computer Services. The chairman confessed to overstating company assets and earnings by over $1 billion. The scandal, often called "India's Enron," made it clear the country lacked a proper oversight body and laws sophisticated enough to deal with modern finance.

The country is simultaneously scrambling to also stabilize the rupee, which is the worst performing emerging market currency in comparison to the dollar. The Reserve Bank of India is taking action and imposing controls to increase overseas direct investments, as the diminishing value of the country’s currency has made it more difficult for Indian corporations to buy assets outside the country.

India has also had to deal with inflation and a widening current account deficit. The corporate reforms and worsening economy coupled to spook investors and trigger an ETF sell-off.

Indian ETFs across the board retreated on Aug. 16. iPath MSCI India Index (INDA) dropped 4.84 percent to hit $21.41 a share. PowerShares India ($PIN) dropped 4.64 percent to hit $15.62 a share. WisdomTree India Earnings ($EPI) fell 4.53 percent to hit $14.76 a share.

The biggest loser on the day was Direxion Daily India Bull 3X Shares ($INDL), which plummeted 12.89 percent to hit $10.72 a share amid eight times normal volume. 

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Results for PIN
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27 Apr 15 14:55:13
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Seeking Alpha
26 Apr 15 22:15:59
Is The Market Getting Impatient With India? http://t.co/8QK2vC4TTr $EPI $INDY $INDL $PIN $INDA $INP $INXX
TrendsInvesting
26 Apr 15 16:17:02
Downward trend on #Equity #India $EPI $PIN $INDA $INDY $INDL - down -10.69% in 13 days - http://t.co/iyvAKiONPY http://t.co/xG3ijHJfiy
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25 Apr 15 17:26:36
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25 Apr 15 06:44:47
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25 Apr 15 02:42:46
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25 Apr 15 02:24:04
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24 Apr 15 20:48:59
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24 Apr 15 16:46:15
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24 Apr 15 15:02:42
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24 Apr 15 13:02:34
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23 Apr 15 10:54:25
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21 Apr 15 21:20:00
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21 Apr 15 07:26:28
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20 Apr 15 22:00:16
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20 Apr 15 21:58:15
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20 Apr 15 21:52:48
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20 Apr 15 21:47:26
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20 Apr 15 11:28:02
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TrendsInvesting
20 Apr 15 09:01:50
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TrendsInvesting
20 Apr 15 07:47:08
Intraday downward trend on #Equity #India $EPI $INDA $INDL $INDY $PIN - down -3.1% in 2 days - http://t.co/LvMKzTNnwc http://t.co/g3aoNSdJH2
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20 Apr 15 06:56:51
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20 Apr 15 06:50:33
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20 Apr 15 06:44:55
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Quartermaster
20 Apr 15 06:29:03
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20 Apr 15 06:24:05
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  +Follow August 16, 2013 4:13PM
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